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Chainalysis acquires Hexagate to boost Web3 security efforts

Chainalysis acquires Hexagate to boost Web3 security efforts

GrafaGrafa2024/12/20 09:10
By:Mahathir Bayena

Blockchain data platform Chainalysis announced the acquisition of Hexagate, a Web3 security firm, on December 19.

Hexagate, an Israel-based company founded in 2022, specialises in Web3 threat detection and mitigation.

The acquisition signals a shift for Chainalysis, expanding its services beyond investigations into threat prevention.

In a blog post, Chainalysis highlighted that Hexagate’s solutions had prevented over $1 billion in potential customer losses.

Notable clients such as Coinbase and Consensys benefited from Hexagate’s security products.

“We have spent 10 years following the money. Now it’s time to prevent the money from being stolen. Welcome to the era of secure smart contracts with proper monitoring and real-time threat detection. Announcing our acquisition of Hexagate,” Jonathan Levin, CEO of Chainalysis, expressed the company’s new focus, wrote on X.

Levin further explained in the blog post that the company needed to broaden its business model to include prevention alongside investigations to sustain its growth.

This acquisition could indicate a greater emphasis on strengthening Chainalysis’ security capabilities moving forward.

The financial terms of the acquisition, including the purchase price, were not disclosed.

It is also unclear if there will be any changes to the staff at Hexagate after the buyout.

Chainalysis has previously stated its intention to expand internationally, aiming to enhance protection for crypto users worldwide.

Levin, in a previous interview, speculated that the incoming administration under President-elect Donald Trump would likely bring more regulatory clarity for digital assets.

He predicted that the Securities and Exchange Commission would repeal Staff Accounting Bulletin 121 (SAB 121), which mandates that financial institutions hold digital assets on their balance sheets.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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